Tiger Lily, Inc. has provided their contribution format income statement. Assume that the following information is within the relevant range Sales (6500 units) $780,000 Variable expenses 409,500 Contribution margin 370,500 Fixed expenses 90.000 Net operating income $ 280,500 The contribution margin ratio is closest to: OA 47.5% OR 52.5% OC 90.5% OD 11.5%